The land is between I-80 and SR201, just west of Bangerter Highway and across the street from Union Pacific Railroad's Salt Lake City intermodal terminal. The terminal is the first point of intersection in Union Pacific's rail system for east bound freight from the three largest West Coast ports of LA/Long Beach, Seattle/Tacoma, and Oakland.
"There is a very real opportunity for industrial growth in Salt Lake City," says Rockefeller Group senior development officer Tom McCormick. "Our latest research shows that there is less than five percent vacancy in the Salt Lake City industrial market and we believe this project is going to fill the needs of companies looking at the area."
Greg Hunter, and Nancy Edwards of Commerce CRG represented Rockefeller Group in the land acquisition. Hunter tells GlobeSt.com that the seller, the Ninigret Group of New York City, is preparing the land for development for Rockefeller Group. Rockefeller Group has closed on 57 acres, the first 30 acres of which will be delivered in mid-2008, and will close on the rest of the land by the end of the year, Hunter says.
The site address is 1100 S. 4800 West. The initial development plan calls for four 190,000-sf buildings and two smaller buildings, one 80,000 sf and the other 32,500 sf. Construction is tentatively scheduled to begin in July 2008, with completion sometime in late 2010. Development of the entire site is expected to take five years, Hunter says.
Rockefeller Group Development Corp. owns, develops and manages commercial real estate. It is an operating company of the Rockefeller Group, developer of Rockefeller Center in New York City. An official with Rockefeller Group Development Corp. was not immediately available to provide additional detail on the Salt Lake City project, such as the purchase price, the construction lender and whether the construction loan will require any preleasing.
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